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NEW LEGISLATION AIMS TO INCREASE AWARENESS AND ACCESSIBILITY OF VA HOME LOANS FOR VETERANS AND THEIR FAMILIES

WASHINGTON, D.C. – This week, U.S. Representatives Derek Kilmer (WA-06), Harriet Hageman (WY-At-Large), Brittany Pettersen (CO-07), Jack Bergman (MI-01), and John Rutherford (FL-05) announced the reintroduction of the VALID Act, bipartisan legislation to help ensure veterans have the tools and resources they need to access home loans and attain homeownership.

“Our nation owes a debt of gratitude to those who put their lives on the line to defend our freedom. That means that every veteran should have a home. And it means veterans should have an easier time finding the benefits that are available to them,” said Rep. Kilmer. “That’s why I’m proud to introduce bipartisan legislation to help ensure that more veterans, servicemembers, and their families are made aware of VA home loans – so they can get the benefits they have earned and deserve.”

“America’s veterans have made immense sacrifices on behalf of our nation, and the benefits they are entitled to serve as a token of our gratitude - yet too many veterans remain unaware of all the programs available to them,” said Rep. Hageman. “The VA Loan Informed Disclosure (VALID) Act will correct this oversight by increasing awareness of VA home loan financing options. By listing these veteran-specific loans alongside other programs offered by the Federal Housing Administration, millions of veterans will be able to identify the best loan program for their situation. This common-sense solution exemplifies the concept of good governance, and I am proud to cosponsor this bill.”

“Our veterans put their lives on the line to protect this country and we must ensure they are supported after their service. Unfortunately, too many veterans in Colorado and across the country are unaware of all the programs and benefits that are available to them,” said Rep. Pettersen. “I’m proud to introduce this bipartisan legislation alongside my colleagues to help veterans become homeowners by providing them a side-by-side comparison of loan costs.”

U.S. Department of Veterans Affairs (VA) Home Loans are designed to provide benefits to servicemembers, veterans, and eligible surviving spouses, offering advantages such as lower down payments, interest rates, and closing costs compared to traditional conventional financing options. By utilizing these VA Home Loans, individuals can potentially save thousands of dollars over the loan's duration. However, only a small percentage of veterans, ranging from 10 percent to 15 percent, currently report using this benefit, with certain states reporting as low as 6 percent utilization.

To address this issue and ensure that more veterans are informed about VA Home Loans, the VALID Act proposes an update to the U.S. Department of Housing and Urban Development's “Informed Consumer Choice Disclosure Notice.” The bill suggests including VA Home Loans in the existing notice, providing a side-by-side comparison between VA home loan options, conventional loans, and loans offered through the Federal Housing Administration. This addition would ensure that veterans have access to comprehensive information when considering their home financing options.

Original source can be found here.